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Lisa [10]
4 years ago
12

Jones Company writes off $500 of the Accounts Receivable owed by Joe Smith. Joe Smith did end up paying the $500, so Jones Compa

ny reversed the write off. Using the allowance method, what is the journal entry to show receiving the cash from Joe Smith after the write off on his account is reversed?
Business
1 answer:
katen-ka-za [31]4 years ago
4 0

Answer:

Journal entry to record Smith's payment

  • Dr Cash account 500
  • Cr Accounts Receivable account 500

Explanation:

The following journal entry was made when the account was written off:

  • Dr Bad Debt Expense account 500
  • Cr Accounts Receivable account 500

When the write off was reversed the following journal entry was made:

  • Dr Accounts Receivable account 500
  • Cr Bad Debt Expense account 500

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7 0
3 years ago
Suppose that you deposit $2,000 in your bank and the required reserve ratio is 10 percent. The maximum loan your bank can made a
LuckyWell [14K]

Answer:

the maximum loan could bank made as the direct result of the deposit is $1,800

Explanation:

The computation of the maximum loan could bank made as the direct result of the deposit is given below:

= Deposit amount × (1 - required reserve ratio)

= $2,000 × (1 - 0.10)

= $2,000 × 0.90

= $1,800

hence, the maximum loan could bank made as the direct result of the deposit is $1,800

7 0
3 years ago
susan took out a life insurance policy on herself, paying all of the premium payments. she named her daughter, jessica, as the b
Dima020 [189]

She named her daughter, Jessica, as the beneficiary under the policy. Jessica has not given anything in consideration for the policy. Jessica is a donee beneficiary who has the right to enforce the policy once Susan dies.

A beneficiary is a character or entity which you legally designate to acquire the blessings out of your financial merchandise. For live coverage, this is the loss of life benefit your policy will pay in case you die. For retirement or investment bills, that is the balance of your belongings in the money owed.

Some may select a surviving partner as a named beneficiary while others might also call a child or a discern. One great purpose people buy life coverage is for peace of mind in relation to their own family, knowing that life insurance safety is in place in the event of your demise.

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7 0
1 year ago
Please please answer these help me plz​
adell [148]

Explanation:

Control

Entrepreneurs naturally have long-term vision and find focus on quarterly profits frustrating

As an owner of a privately held company, you have complete authority over operational decisions and don’t have to worry about shareholder expectations and interference. Shareholders in public companies are often focused on current earnings and they can exert tremendous pressure to increase earnings in the short term in order to increase the value of their stock.

Right of Non-Disclosure

Privately held companies are not required to disclose details about their operations that could potentially benefit competitors. The SEC has stringent disclosure requirements for public companies, including the details of investor conferences, research analyst meetings and shareholder discussions.

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Information such as executive compensation, legal settlements and other sensitive information cannot be kept confidential in public companies. Compliance with these SEC disclosure regulations can expose information that you would prefer to keep confidential.

The United States is considered the world's premier free-market economy. Its economic output is greater than any other country that has a free market. 1 The U.S. free market depends on capitalism to thrive. The law of demand and supply sets prices and distributes goods and services.

5 0
3 years ago
During 2020 the DLD Company had a net income of $85,000. In addition, selected accounts showed the following changes: Accounts R
zmey [24]

Answer:

$84,500

Explanation:

Data provided as per the question

Net income = $85,000

Depreciation expenses = $1,500

Accounts receivables = $3,000

Increase in accounts payable = $1,000

The computation of amount of cash provided by operating activities is given below:-

Amount of cash provided by operating activities = Net Income + Depreciation expenses - Accounts receivables + Increase in accounts payable

= $85,000 + $1,500 - $3,000 + $1,000

= $84,500

Therefore, for computing the Amount of cash provided by operating activities we simply applied the above formula.

5 0
3 years ago
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